In December 2015, MSEC published an article about the 2015 Form 5500 Series and encouraged plan sponsors to answer the new optional compliance questions. Since then, the IRS has changed course and is now encouraging plan sponsors NOT to answer the optional compliance questions. The Instructions for Form 5500 have been revised and now state, “The IRS has decided not to require plan sponsors to complete these questions for the 2015 plan year, and plan sponsors should skip these questions when completing the form.” Plan sponsors will find that their 2015 filings will be very similar to their 2014 plan year filings now that the optional compliance questions can be skipped. Please note that only the Instructions have been revised and the actual form will still contain the optional compliance questions.
IRS Encourages Plan Sponsors to Skip Optional Questions